Obama offers Cabinet position to businessman with billions in offshore profits [Reader Post]

Google Inc. cut its taxes by $3.1 billion in the last three years using a technique that moves most of its foreign profits through Ireland and the Netherlands to Bermuda.

Google’s income shifting — involving strategies known to lawyers as the “Double Irish” and the “Dutch Sandwich” — helped reduce its overseas tax rate to 2.4 percent, the lowest of the top five U.S. technology companies by market capitalization, according to regulatory filings in six countries.

Google Inc. (GOOG) avoided about $2 billion in worldwide income taxes in 2011 by shifting $9.8 billion in revenues into a Bermuda shell company, almost double the total from three years before, filings show.

By legally funneling profits from overseas subsidiaries into Bermuda, which doesn’t have a corporate income tax, Google cut its overall tax rate almost in half. The amount moved to Bermuda is equivalent to about 80 percent of Google’s total pretax profit in 2011.

The increase in Google’s revenues routed to Bermuda, disclosed in a Nov. 21 filing by a subsidiary in the Netherlands, could fuel the outrage spreading across Europe and in the U.S. over corporate tax dodging. Governments in France, the U.K., Italy and Australia are probing Google’s tax avoidance as they seek to boost revenue during economic doldrums.

Last week, the European Union’s executive body, the European Commission, advised member states to create blacklists of tax havens and adopt anti-abuse rules. Tax evasion and avoidance, which cost the EU 1 trillion euros ($1.3 trillion) a year, are “scandalous” and “an attack on the fundamental principle of fairness,” Algirdas Semeta, the EC’s commissioner for taxation, said at a press conference in Brussels.

If offshore accounts are bad why does Schmidt get a pass? As always- the money:

Mr Schmidt played in a key role in the re-election of President Barack Obama last month, helping to oversee Google’s $700,000 donation to his campaign.

Liberals will give us some crap about this being different because Schmidt wasn’t running for President but that’s all it is- crap. It’s either acceptable to have offshore accounts or it’s not. To assert that offshore accounts are unacceptable for a President but acceptable for a Treasury Secretary is asinine. It’s even worse than appointing a Treasury Secretary who doesn’t pay his own taxes.

Liberals are the ultimate conflation of hypocrisy and stupidity on a galactic scale.

About DrJohn

DrJohn has been a health care professional for more than 30 years. In addition to clinical practice he has done extensive research and has published widely with over 70 original articles and abstracts in the peer-reviewed literature. DrJohn is well known in his field and has lectured on every continent except for Antarctica. He has been married to the same wonderful lady for over 30 years and has three kids- two sons, both of whom are attorneys and one daughter on her way into the field of education.
DrJohn was brought up with the concept that one can do well if one is prepared to work hard but nothing in life is guaranteed.
Except for liberals being foolish.

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6 Comments on "Obama offers Cabinet position to businessman with billions in offshore profits [Reader Post]"

Rich isn’t it? The picture says it all…and I could add that the Fraud only won because he appeared to offer “something other” than good ethical, moral leadership and fiscal responsibility…in exchange for any lackey’s vote….

America is decaying faster than Rome. Walter Cronkite saw it over 50 yrs ago. The feds burned his library after his death. He had too much information on most of the political leaders past and present. Walter was declared an “enemy of the state” after his death.

Maybe this whole Susan Rice thing was just a false flag op.
She’s withdrawn her name for Sec State.
But she sure was a good diversion for a while.
What else did Obama slip in under the radar while people were distracted by her?